1. Field of the Invention
The present invention relates generally to systems and methods for providing online realty services, and, more specifically, the present invention is directed to an online realty system in which a virtual advisor replaces a broker to provide comprehensive online realty services while maximizing user convenience and efficiency.
2. Description of the Background
Although ubiquitous in nature, real estate transactions are among the most complicated legal transactions that are undertaken by everyday people. Moreover, because the choice of where to live or where to set up a business is one of such high importance, it is often undertaken with a sense of insecurity that the seller is not reaching the buyer who is willing to pay the highest price, and the buyer is not locating the available property which most clearly satisfies his or her current needs and wants. Therefore, access to a high volume of property listings in an efficient manner is continually desired.
In addition to the question of access, the complicated nature of a real estate transaction is often a source of concern for both buyers and sellers of real estate. For example, many buyers/sellers have a general idea about the progression of a real estate transaction, but few have the low level, specialized knowledge about what events and actions happen at what time. This uncertainty leads to improper expectations on the parts of both buyers and sellers and often makes for an inefficient and difficult real estate transaction process.
In an effort to address the complicated nature of the transaction, most buyers and sellers utilize a real estate agent/broker that guides the buyer/seller through the process. Although most brokers are very knowledgeable and aide the process, this comes at a great price. At closing, sellers often pay at or around 6% of the sale price of the real estate property to brokers/agents for their services. Since the process is fairly standardized for these brokers, this transaction cost appears excessive, especially in more standard real estate transactions. There is a need, therefore, to provide a “virtual” real estate agent or coach that guides users through the transaction process and incorporates service providers (such as mortgage and title companies) into the process as necessary under the law and as circumstances dictate.
One way in which some of the above limitations have been addressed is through the use of online or web page-based electronic listings for residential homes. Typically, a single real estate company in a single geographic area will create bare listings about some of the properties that they are offering for sale. Potential buyers can view basic information about the properties or view a picture of the properties via a web browser. However, this traditional real estate web site provides only a very coarse initial search for a home from a limited pool of existing homes. There is no direct communication between buyer and seller. One or more brokers, being paid the requisite commissions, are utilized to facilitate the process, and the user is not much better off than in a completely “bricks and mortar” process.
There is, therefore, a great need in the art to replace the real estate agent/broker with an online realty web site incorporating a true virtual agent which manages a real estate transaction with no commissions. Moreover, service providers for everything from mortgage and title companies to movers, painters and storage companies can be incorporated into the system to provide needed moving-related services to buyers and sellers, all while providing user rewards and other advantages over the prior art to buyers and sellers.